The Ministry of Finance & National Planning says the new family of banknotes and coins to be launched next month will not in any way increase or reduce the value of the Zambian Kwacha.
The Bank of Zambia have released a series of new banknotes and coins to be launched in the country on 31st March, 2025 in a bid to improve security and safeguard the integrity of the currency.
Minister of Finance Dr. Situmbeko Musokotwane has explained that the new currency series will not affect the value of the Zambian Kwacha because it will remain the same currency.
“I must state that the introduction of the new currency series will not affect the value or purchasing power of the currency hence it remains the same currency with the same value,” Dr. Musokotwane said.
Dr. Musokotwane says the Bank of Zambia (BoZ) will role out and replace the new and current currency series gradually through a period of one year.
“We will issue a Statutory Instrument (SI) to guide the withdrawal of the existing currency. The transition period will be 12 months during which both the old and the new currency series will circulate side by side,” he revealed.
He further explained that the new banknotes will not only enhance security for the Zambian Kwacha but also aim to boost the country’s economy.
“This initiative is a progressive milestone in the continued evolution of our financial system. By modernizing our currency, we are ensuring a secure, efficient and trusted monetary system that supports national economic growth,” he added.
With the new currency series set to be launched on 31st March 2025, Dr. Musokotwane said the BoZ will embark on a sensitization campaign to acquaint the nation with the new Kwacha banknotes.
“The Bank of Zambia will also conduct a national sensitization campaign targeting major cash handlers, law enforcement agencies, businesses and the general public,” he said.
The minister was speaking when he addressed parliament yesterday over the new currency series set to be printed and introduced.
